LDV back in administration as white knight Weststar decides to turn tail June 2, 2009 VANMAKER LDV, backed by Russian oligarch Oleg Deripaska, is back in administration, after white knight Weststar rode out of town yesterday. The Malaysian company agreed last month to buy LDV, which employs 850 people in the UK, after it halted production due to a collapse in demand for vehicles. Weststar was the only bidder to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 2, 2009 FINANCIAL TIMESCARLSBERG SEEKS TO EXTEND REACH IN ASIACarlsberg, the Danish brewer, is planning further expansion in Asia to help reduce its substantial exposure to the volatile Russian beer market. “We do see Asia as being a place to expand and invest in,” Jørgen Buhl Rasmussen, chief executive, told the Financial Times in an interview. He [...]
Ancelotti promises to recreate his European success as Chelsea boss June 1, 2009 FORMER AC Milan coach Carlo Ancelotti was anointed Chelsea manager yesterday and immediately vowed to deliver the Champions League glory the Blues so desperately crave. Ancelotti, whose three-year contract begins on 1 July, has an outstanding continental pedigree that helped make him Chelsea owner Roman Abramovich’s No1 choice. The Italian, 49, led Milan to two [...]
Mandelson is reassured on GM’s sell-off May 31, 2009 BUSINESS SECRETARY Lord Mandelson said yesterday he had been given further assurance from just-sold GM Europe that Vauxhall production would not leave the UK, as fears grow over job security at British car plants. As Canadian-Austrian Magna International buys up Opel and Vauxhall, the European arm of ailing carmaker GM, there are fears that sites [...]
Russian support has allowed Magna to rise above the rest May 31, 2009 OUTBIDDING rivals Fiat, Brussels-based IHJ International and Beijing Automotive Industry Corp (BAIC) to secure the acquisition of Opel and Vauxhall was a coup for Magna’s owner, Frank Stronach. It takes him back to his European roots, and gives the company the opportunity to milk the ever-expanding Russian car market. Stronach is an Austrian émigré who [...]
Ashley enlists Harris for his Geordie exit May 31, 2009 SEYMOUR Pierce yesterday confirmed it had been appointed to achieve a rapid sale of Mike Ashley’s football club Newcastle United. Keith Harris, chairman of the City broker has advised on a number of football deals, including playing a pivotal role in selling Chelsea to the Russian tycoon Roman Abramovich in 2003. If the sale of [...]
Fresh row in TNK-BP saga May 27, 2009 THE acrimony between BP and its partners in the TNK-BP joint venture flared up anew yesterday as a group of Russian shareholders put up their own candidate to rival the British company’s choice of chief executive. BP unveiled Pavel Skitovich, a former head of Russian mining firm Polyus Gold, as its choice to lead the [...]
Facebook in $200m deal May 26, 2009 FACEBOOK chief executive Mark Zuckerberg said last night that Russian internet investment group Digital Sky Technologies (DST) had made a $200m (£126m) investment in the social networking site. DST will receive a 1.96 per cent stake in preferred stock, valuing the company at $10bn – $5bn less than when Microsoft bought its stake in 2007.
Gazprom swells stake in Sibir May 26, 2009 GAZPROM Neft, the oil arm of Russian gas giant Gazprom, yesterday moved a step closer to taking control of Sibir Energy, the oil firm embroiled in an investigation over loans to one of its major shareholders. Gazprom Neft launched a recommended cash offer at 500p a share for the rest of the outstanding shares in [...]
Russian firm invests $200m in Facebook May 26, 2009 THE queue of investors itching to cash-in on social networking site Facebook was long. But Russia’s Digital Sky Technologies (DST) pipped the competition to the post yesterday when Facebook, run by 24 year old Harvard drop-out Mark Zuckerberg, accepted a $200m (£126m) investment from the company, controlled by Yuri Milner. Milner’s company owns Russia’s largest [...]